The future of Ethereum was up for discussion by Dion Rabouin, Rick Newman, Dan Roberts, and Mark Yusko of Morgan Creek Capital Managment CEO considering the continuous decline in market value and increase in fraudulent ICOs.
The Drop In Value of Ethereum
While the cryptocurrency market has been experiencing bearish trend since the beginning of the year, Ethereum has been hit more with fraudulent ICOs based on ERC-20 tokens and also ICOs that do not scam cashing in on Ethereum (ETH) to reduce the risk of losing a considerable chunk of investments raised from investors. This has cast a shadow of doubt over the future of Ethereum.
Notably, an advisory initial coin offering firm, Statis Group stated in its recent research that it expects Ethereum to lose entire share or part because of its migration to the proof-of-stake, as the minor flaws in design and governance could tamper with its productivity.
Morgan Creek Capital Managment CEO’s Thought On Ethereum
While there has been increasing sentiment on the status of Ethereum, Mark Yusko, Morgan Creek CEO, made his opinion known on Ethereum in discussion with Dion Rabouin, Rick Newman, and Dan Roberts.
Mark believes Ethereum is the future of Trustnet. He compared the present moment to the experience of 1996. The internet created vast opportunities in digitization of commerce. Similarly, the next big deal is the TrustNet, which he states that Ethereum would be instrumental in its creation. It will be like the 1993 and 1994 internet when Google was budding and was given less regard.
The same way TCP/IP, HTTP, and SMTP are vital in building smartphones and other technologies at the moment, Ethereum would be essential to TrustNet, Mark emphasized. He further states that Ethereum is different and should be thought of as the world wide web of TrustNet.
In their discussion, the thought of John Belfort, an ex-scammer on Bitcoin was discussed. John Belfort had earlier stated that Bitcoin is a scam and its bubble will soon get burst.
Dion Rabouin stated that John Belfort is not a fan of cryptocurrency, and he was referring to ICOs which are mostly scams. He further noted that anywhere there is capital, bad actors will be present.
Meanwhile, Vitalik Buterin, the founder of Ethereum recently stated that days of explosive growth is over, however, the improvement of cryptocurrency technology for proper accessibility and usability of users should be the main focus.